Prices Floating Downward
Prices are floating downward for the energy complex this morning after the American Petroleum Institute published a 4.26 million barrel build in crude oil stocks last week. According to the Institute, nationwide gasoline and diesel inventories both drew ~4 million barrels and ~1.5 million barrels, respectively, but both products’ futures contracts seem content selling off so far today.
Special attention will likely be paid to the update on the status of the nation’s oil and products inventory given the amount uncertainty surrounding US-China relations, OPEC’s supply situation going into 2020, and a sudden reemergence of Venezuelan oil headlines.
The Department of Energy’s weekly inventory report is due out today at 9:30 CST which will likely set the tone for the rest of the week’s trading activity. With futures taking a breather this morning, it will be interesting to see if a bearish number from the DOE will throw a wrench in energy’s 1+ month rally.